The total planned value (PV) for a project was $ 150,000. During the course of the project, the actual cost incurred turned out to be $ 275,000. What is the limit that the project manager usually imposes on the actual cost (AC)? A. The AC is usually limited to twice the planned value.B. The AC

The selection of life cycle for the project, the processes to be applied to each phase, and the results of the tailoring by the project management team are usually found in the: A. Project scope statementB. Project management planC. Project scheduleD. Project charter Show Answer B. Project management plan

A project consists of multiple phases. Which of the following is a valid statement and applies to each phase of the project? A. Each phase is generally concluded with a review of the work accomplished but is only closed if the next phase has already been started.B. Each phase of the project is considered complete

You are a project manager who is in charge of an important project for your company. The project is 40% complete after 3 months and has cost $350,000. The budget for the project is $950,000 and is scheduled to last 8 months. How is the project performing? A. The project is behind schedule and over

The manager of a project, that your company is running in another country, is at the corporate headquarters for a company-wide project management meeting. During a break, you overhear the project manager discussing payments made to local municipal governments for construction permits for his project. Your company has a strict policy about paying or taking

Many project managers have seen a graph which shows “Influence of Stakeholders” starting out high and declining as the project progresses. Conversely, it shows the “Cost of Changes” starting out low and increasing as the project progresses. What is the key message a project manager should obtain from this graph? A. Stakeholder influence is not

You are negotiating a contract with a seller. You want to go in for a Fixed price type of contract. The seller uses a different terminology for the fixed price type of contract. He is most probably referring to it as a: A. Cost-Plus-Fixed-Fee contractB. A Time and material contractC. Lump sum contractD. Cost-Plus-Fee contract

Product scope is measured against the product requirements whereas project scope is measured against: A. The WBS and WBS dictionaryB. The project scope statement and its associated WBS and WBS dictionaryC. The project requirements and WBS.D. The acceptance criteria Show Answer B. The project scope statement and its associated WBS and WBS dictionary

A first-time project manager created a Work Breakdown Structure (WBS) where the deliverables had different levels of decomposition. What would your comment on this be? A. This is incorrect. All deliverables need to have the same level of decomposition.B. This is incorrect. Only deliverables under different branches can have different levels of decomposition.C. This is

On obtaining the project charter, the Project Manager of a project immediately starts acquiring the project team (Acquire Resources). Is this correct? A. Yes. Acquisition of the project team is primarily an Initiating Process Group activity.B. Yes. The project manager needs to get the team together as soon as the project starts.C. No. It is